Don't loose your rights to repossess!
Under the new Personal Property Securities Act (PPSA) you will loose your rights to repossess a vehicle if you do not:
- re-register your existing MVSR securities on the PPSR by October 31st 2002.
- ensure the vehicle is correctly described.
- add creditor information.
This can be a difficult, time consuming and frustrating task, as you will need to collect the relevant data from various places and manually enter at least 45 fields of data per security!
Even if you re-register the security in time, if you don't use the vehicles current registration plate, then your security interest could disappear! An incorrect plate and VIN could make the security 'seriously misleading' under section 150 of the Act. This renders the security invalid and along with it, your rights to repossess the vehicle.
Due to the popularity of personalised plates, up to 250,000 vehicles in NZ could now have a different plate than when first financed. It is essential to check for this!
The good news is: that MotorWeb has programmed its computers to do all this for you. Avoiding manual data entry errors, and a need for extra staff, and no development costs.
All results will be provided on disk for use in your own systems.
While legal firms are charging up to $125 to manually re-register a single security, OnTap's computers can automatically do the job for only a few dollars each (plus Government charges).
MotorWeb specialize in these government registry transactions. MotorWeb is the same company that developed New Zealand's most advanced vehicle checking system - The Vehicle Information Report (VIR).
Incorrect procedures will render your securities invalid.
Save time, money and stress' have us automatically update your MVSR securities accurately, in one simple step, ensuring your repossession rights remain intact.